U.S. Congress Joint Committee on Taxation Releases General Explanation of Tax Provisions of the One Big Beautiful Bill Act

The U.S. Congress Joint Committee on Taxation (JCT) released the General Explanation of the Tax Provisions of Public Law 119-21 on 28 May 2026, which explains the provisions of the One Big Beautiful Bill Act (previous coverage). It was prepared by the staff of the JCT in consultation with the House Committee on Ways and Means, the Senate Committee on Finance, and the Treasury Department's Office of Tax Policy. For each tax provision of the Act, which was enacted on 4 July 2025, the document …